Transfrontier Shipment of Waste Bond
What is a Transfrontier Shipment of Waste Bond?
In simple terms, it is a guarantee which provides protection to the National TFS Office for waste shipments. The bond guarantees the National TFS Office that the notifier will ensure shipments of relevant waste products are completed as regulated.
These Regulations gave effect to provisions contained in Commission Regulation (EC) No. 1013/2006 on transfrontier shipments of waste, which sets out new notification procedures, specifies revised waste listings and strengthens enforcement provisions in relation to waste movements within, into and out of the EU.
All transfrontier shipments of waste originating in any local authority area in the State after 12 July 2007, that are subject to the prior written notification procedures must be notified to and through Dublin City Council at the National TFS Office established to implement and enforce the Regulations.
TFS bonds are mandatory for any company exporting or importing waste within, into and out of any jurisdiction in the EU. Regulating the movement of waste between EU Member States and between the EU and other countries is a large and complex business. It is referred to as ‘transfrontier shipment’, or TFS.
In Ireland, Dublin City Council is the designated National Competent Authority for the export, import and transit of waste shipments.
Their office, the Irish National TFS Office (NTFSO) was established to implement and enforce the Regulations pertaining to TFS. Any queries relating to TFS import, export or transit are directed to the National TFS Office. The NTFSO uses a formula to calculate the value of the financial guarantee, ie: the bond value. It is based on the costs involved in respect of an individual shipment, and the value of an average bond is calculated using the following formula:
[(a + b +c) x d]
a = Transport costs: Costs for transporting one shipment of waste between the points of despatch and destination both ways, including, shipping, carriage, and harbour costs
b = Recovery/Disposal costs: Costs based on the estimated cost of the recovery/disposal operation in respect of one shipment
c = Storage costs: Costs cover storage for up to 90 days, and any additional administrative or legal costs incurred by the competent authorities
d = Number of active shipments: Costs arising according to the number of active shipments covered in the guarantee which increases its value.
The calculations are checked by the NTFSO for accuracy and the value is assessed for adequacy. The TFS Bond guarantees the EPA, that should a notified shipment or the recovery or disposal cannot be completed as intended or is illegal, that there is adequate financial provision to cover costs.
Click here for more information on TFS Regulations.
Why get a Transfrontier Shipment Bond?
- It is legally required
- It insures the Obligee – the National TFS Office, should a notified shipment, recovery or disposal not be completed as intended the costs of recovery are covered by the bond
Who requires a Trans Frontier Shipment Bond?
- The National TFS Office (Dublin City Council the national competent authority)
Who is the beneficiary of a Road & Sewer Bond?
- National TFS Office
- The State
To get started
This is a very specific Bond and the NTFSO will ultimately approve the bond, including the form, wording and amount of the cover. Surety Bonds is experienced in the preparation, processing and securing of preferable terms for TFS Bonds. We have strong working relations established within the industry and with suitable surety providers. Contact us today and secure a hassle-free solution for your bonding requirements.
Our process is seamless and requires very little effort from you. As our client you will benefit from both our expertise, and our established relationships with global surety markets.
Why Choose Surety Bonds
Because customers benefit from our experience in the Global Bond Market.